A view of Globalstar offices. Photo credit: Globalstar

Globalstar reported record revenue and 12% year-over-year revenue growth in 2024. Revenue was a record $250.3 million, which exceeded the high end of the company’s revenue guidance. 

Globalstar said this was due to an increase in service revenue, partially offset by a decline in revenue from subscriber equipment sales. 

Total revenue was $250.3 million. This was made up of $237.7 million of service revenue, which includes the Apple wholesale deal, and $12.7 million of revenue generated from subscriber equipment sales. 

Service revenue was up 16% in 2024 compared to 2023 with higher wholesale capacity revenue. Globalstar also reported higher commercial IoT subscribers and average revenue per user (ARPU).

Adjusted EBITDA was $135.3 million in 2024, representing a margin of 54% and reaching a record high for the company. This 16% increase from 2023. 

Net loss was $63.2 million for 2024 compared to $24.7 million for 2023. Globalstar said this was due to a higher loss on extinguishment of debt and unfavorable fluctuations in foreign currency exchange rates.

Globalstar reiterated its financial outlook for 2025 of total revenue between $260 million and $285 million. 

“2024 was a remarkable year for Globalstar as we executed well on several key initiatives that we believe will enable long-term, sustainable growth,” CEO Paul Jacobs commented. “We made important strides enhancing our product portfolio to address key end markets including consumer and government defense. The recent expansion of our wholesale capacity arrangement demonstrates the importance of our network and we are pleased to further this relationship.”

Jacobs referenced Apple’s recent investment in a second new Globalstar constellation for satellite-to-cell connectivity. The company recently announced MDA Space as the prime contractor.